*APY – Annual Percentage Yield effective as of 9/16/2022. Rates are subject to change. Direct Savings only available for new customers or deposits of new funds not currently held with Farmers & Merchants State Bank. Interest will be paid on your daily account balance as follows: If your daily balance is $100,000.00 or less, the account is enrolled in eStatements via Online Banking, the interest rate paid on the entire balance will be 1.98% with an annual percentage yield of 2.00%. An interest rate of 0.10% will be paid for that portion of your daily balance that is greater than $100,000.00. Assuming a maximum account balance of $150,000, the annual percentage yield could range from 1.37% to 2.00% depending on the balance in your account. Interest will be compounded every day. Interest will be credited to your account every quarter. A minimum deposit $1,000.00 to open this account. A $3.00 monthly service fee will be charged if a $300.00 minimum balance is not maintained each day during the month. This fee will be assessed on the last business day of the month.  Fees may reduce earnings. Limit one (1) savings account per household. Member FDIC